Abstract

Blockchain has the power to revolutionize the way we transact in and track ownership of assets, including by helping reduce counterparty risk, expediting transaction settlement, and improving asset provenance and recordkeeping. As technological innovations make blockchain transactions faster, easier, and more user-friendly, and as blockchain continues gaining widespread acceptance, individuals and businesses will seek to use blockchains to transact in a wider range of assets. Ownership interests in virtually any type of asset can be reposited on a blockchain, including real or personal property and digital assets, as can the right to temporarily use property owned by someone else. There are, however, numerous unsettled issues under U.S. law that could inject uncertainty into transactions in blockchain assets. This article examines some of the key issues that must be resolved if blockchain is going to be more widely utilized and how certain courts and legislatures have weighed in on these issues to date.